China’s industrial profits accelerate the most in three years

China’s industrial firms had expanded as their profits accelerated for six consecutive months ended October. This also came to be the fastest pace of growth since 2017, indicating a firm rebound in the manufacturing sector after it was ravaged by the coronavirus crisis.

On an annual basis, profits of China’s industrial firms climbed 28.2% to 642.91 billion yuan in October. The figures released by the National Bureau of Statistics (NBS) came sharper than the 10.1% record seen in September year-on-year.

Moreover, profits advanced 0.7% from January to October. The jump came after industrial firms recorded a 2.4% drop in the first nine months of 2020.

The country’s industrial sector staged a robust recovery from the coronavirus drag as it saw a surging demand for exports. In addition to this, Premier Li Kequiang had set a bright outlook for the country’s economic activity next year.